Fidelity Southern Corp. in Atlanta said Tuesday that it plans to sell up to $57.5 million in new shares to raise capital partly for growth.
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Fidelity Southern, the parent company of Fidelity Bank, said proceeds from the stock sale would fuel organic growth but would also be used for acquisitions.
The $1.9 billion-asset company also might use the funds to redeem some or all of its $48.2 million in preferred shares with warrants held by the Treasury Department under the Troubled Asset Relief Program.
That redemption would require regulatory approval.
Fidelity Southern, whose bank was well capitalized on March 31, with 13.49% total risk-based capital, also plans to use the proceeds to boost capital at the bank and holding company.
